40,076 Freeport-McMoRan Inc. $FCX Shares Sold by Keybank National Association OH

Keybank National Association OH lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,266,720 shares of the natural resource company’s stock after selling 40,076 shares during the period. Keybank National Association OH’s holdings in Freeport-McMoRan were worth $158,670,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Iowa State Bank increased its holdings in Freeport-McMoRan by 50.7% in the third quarter. Iowa State Bank now owns 50,144 shares of the natural resource company’s stock valued at $3,510,000 after buying an additional 16,868 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Freeport-McMoRan by 4.6% in the second quarter. The Manufacturers Life Insurance Company now owns 2,687,524 shares of the natural resource company’s stock worth $169,018,000 after acquiring an additional 117,888 shares during the period. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of Freeport-McMoRan by 1.4% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 9,970,872 shares of the natural resource company’s stock worth $627,068,000 after acquiring an additional 141,738 shares during the period. HighTower Advisors LLC raised its position in shares of Freeport-McMoRan by 17.1% in the second quarter. HighTower Advisors LLC now owns 1,249,858 shares of the natural resource company’s stock worth $78,604,000 after acquiring an additional 182,714 shares during the period. Finally, Robinhood Asset Management LLC purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter worth about $16,746,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the topic of a number of analyst reports. Freedom Broker dropped their target price on Freeport-McMoRan from $75.00 to $68.00 and set a “hold” rating on the stock in a research report on Monday, November 2nd. JPMorgan Chase & Co. cut their price target on Freeport-McMoRan from $92.00 to $90.00 and set an “overweight” rating for the company in a research note on Wednesday, October 28th. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. BMO Capital Markets increased their price target on Freeport-McMoRan from $78.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 29th. Finally, Sanford C. Bernstein lowered their price target on Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $75.30.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, EVP Douglas Currault, II sold 80,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total value of $6,284,800.00. Following the transaction, the executive vice president owned 211,016 shares in the company, valued at approximately $16,577,416.96. This trade represents a 27.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Lydia Kennard sold 3,798 shares of Freeport-McMoRan stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the sale, the director directly owned 122,702 shares in the company, valued at approximately $9,706,955.22. This trade represents a 3.00% decrease in their position. The SEC filing for this sale provides additional information. 0.73% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $60.23 on Wednesday. The stock has a market capitalization of $86.50 billion, a P/E ratio of 25.31, a PEG ratio of 0.58 and a beta of 1.38. The business has a 50 day simple moving average of $69.25 and a two-hundred day simple moving average of $65.29. Freeport-McMoRan Inc. has a 12 month low of $38.85 and a 12 month high of $80.24. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.02 and a quick ratio of 0.91.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. The firm had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.36 billion. Freeport-McMoRan had a return on equity of 12.09% and a net margin of 13.03%. The business’s revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.50 earnings per share. As a group, analysts predict that Freeport-McMoRan Inc. will post 3.02 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Investors of record on Thursday, October 15th were paid a $0.0750 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Thursday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 12.61%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc. is a mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Its products serve industries including construction, manufacturing, electronics and energy. The company operates mines and related facilities in North America, South America and Indonesia. Its assets include the Grasberg minerals district in Indonesia and copper operations in the United States, Peru and Chile. Freeport-McMoRan traces its roots to Freeport Sulphur Company, founded in 1912, and has since developed into a major international mining business.